PSE not likely to meet target on IPOs this year
MANILA, Philippines - The Philippine Stock Exchange (PSE) is not likely to match the P200 billion worth of capital raised at the stock market last year.
PSE president and CEO Hans Sicat said many companies that are planning to go public are still looking at whether the market conditions have improved.
"It could probably be hard now (to achieve the target). The problem is if companies decide to hold their IPOs by mid-September, you might have a queuing problem. So let's see how September goes," he said.
Sicat noted companies should explore fund raising plans in September, since there would be more clarity on the US Federal Reserve's taper.
Capital raised through the stock market fell by 65% to P31.27 billion as of August 15, from P91.13 billion a year ago.
Several companies shelved their IPO and follow-on offerings, as the market continued to show volatility. These include Travellers International Hotel Group, Harbor Star Shipping Inc. and Discovery World Corp.
Only three companies were listed at the PSE this year --Philippine Business Bank, Asia United Bank and AG Finance Inc.